Property prices in Britain’s capital are on the rise, with growth driven predominantly by sharper price increases in other cities in the North of England, a new report suggests.
According to Hometrack’s latest UK Cities House Price Index, average London property prices rose by 1.6 per cent in March, while house prices in UK cities on average increased by 5.5 per cent.
Cities such as Edinburgh, Manchester and Nottingham welcomed the strongest month-on-month growth, but the report suggests that strong growth in Northern cities has also helped to drive growth in London and the South East.
Interestingly, Hometrack’s research found that supply of homes for sale had increased steadily month-on-month, despite concerns raised by MPs that the UK continues to suffer from a housing shortage.
However, in London, the data understandably showed that supply was still short, with only an average of 1.5 homes coming to market for every transaction made.
Commenting on the figures, Graham Davidson, Managing Director of Sequre Property Investment, noted that “demand remains high… in city centre locations.”
He said that investors “looking for high yields” might be wise to purchase properties in some of the UK’s Northern cities sooner rather than later, as research indicates that there continues to be “healthy year-on-year price increases” in cities such as Manchester, Leeds and Liverpool.
Carter Lemon Camerons LLP (CLC) solicitors is a City law firm which provides legal services with a personal touch for first-time buyers and experienced landlords alike. Unlike many City practices, we are happy to act in smaller private legal matters, bringing the same care and consideration as we do to large commercial matters. For more information about our residential services, please contact Prodromos Shakallis or telephone: 020 7406 1000.